Elliott Wave Analysis On USDCAD And German DAX
USDCAD is not showing clear signs of an impulsive recovery, but it can still be a five wave move, thus a motive wave like a leading diagonal maybe. Currently there is a small retracement back down to a red support line connected from the lows that can become a new base in this red wave 4). We think that there is more gains in play for USDCAD, towards 1.1260 and then to 1.3296, despicably if crude oil will continue to weaken.
German DAX recovered nicely since mid-February up to 10150 area which we see it as a five wave move, despite an overlapping price action. It can be a leading diagonal in first wave of a new bullish cycle that should resume after corrective retracement. Well, we can already see a nice pullback here to 9700 but based on a double zigzag view we expect to see move close to 0.9400 area where bounce could happen later this week.
German DAX, 4H
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